Sometimes you just need to think outside the box to develop an effective joint venture. There are obvious JVs to be had, for sure, but have you thought of doing something off the beaten track?
For example, a local chiropractor where I used to live convinced the Papa John’s next door to attach a flyer about their services to pizza boxes. Do people who eat pizza need a chiropractor? Could be. Why not?
So think of this: who is your ideal client? What characteristics about your ideal client might suggest businesses you could joint venture with. Using the chiropractor above, he obviously realized that people who lived within the ideal radius of his business might also buy pizza next door. Thus was born the JV!
Can you approach a niche within a niche? For example, lets say you’re a life coach who helps people with family issues. The obvious JV partners would be those who serve parents or children. But where else to parents or children hang out. Maybe you could do a joint venture with an entrepreneurial group … I’m sure parents can be entrepreneurs. Maybe you could do a JV with a fitness club … I bet there is one in your area that has classes aimed at their family-oriented members. Do you get where I’m going here?
Can you approach a subset of your clients? Maybe you’ve noticed that a fair number of your clients are also equestrians. Maybe you could partner with an equestrian business? What if you have a fair number of foodies … then you might think about partnering with a winery or gourmet food purveyor.
Be creative. Be off-beat. Be unexpected. But, of course, also be relevant. all successful joint ventures benefit both JV partners, as well as the customers/clients.